Rangers hope to score £50m float
Sunday 16 December 2012
Rangers will list its shares on the London Stock Exchange this week in a move expected to value the football club at £50m and revive the once-great team's fortunes.
The Glasgow-based club, which is looking to recover from the humiliation of administration and demotion, has already raised £17m from financial institutions including Legal & General and Hargreaves Hale.
Sources close to Rangers said it is likely to raise up to £27m in total when it starts trading on the junior Alternative Investment Market on Wednesday. Cenkos, which is acting as Rangers' adviser, has claimed that the equity value of Rangers can double within three years.
In a note to prospective investors seen by The Independent on Sunday, the broker said Rangers will be profitable in its first full year of trading with full ownership of its assets, including Ibrox Stadium and Murray Park training ground.
Rangers dominated Scottish football alongside rivals Celtic until going into liquidation in June. The club owed £134m to unsecured creditors and was relegated to the Scottish third division after 25 of the 30 clubs in the Scottish Football League voted in favour of demotion.
Despite optimism about the flotation, Rangers, managed by Ally McCoist, left, have found life harder than expected in the lower leagues, and lead Elgin City, a minnow with a stadium capacity of just 4,520, by the narrowest of margins.
"Rangers' rich heritage of success leaves it well positioned to further expand and monetise its global fan base," the prospectus said.
- 1 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
Syria conflict: President Assad finally turns on Isis as government steps up campaign against militant strongholds
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Celebrity Big Brother 2014: Audley Harrison meets Kellie Maloney: 'Was Kellie really the best you could come up with?'
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...
£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...